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In the fourth-quarter GDP grew 3.2 %
GDP, U.S. Economy
The U.S. economy grew at a solid pace during the October-through-December period, led by growth in investments, exports and government spending. Gross domestic product jumped in fourth-quarter by 3.2 % to $27,945 billions, an increase from $27,645 billions in the third-quarter on the seasonally adjusted basis, helped by improving exports, up 6.4 %, reported by the U.S. Commerce Department. Exports, investments and government spending grew above averge in the fourth-quarter. Broad-based economic growth at a solid pace during the fourth-quarter, raises hopes that, the U.S. economy is on self-sustaining path. The newly revised growth numbers reinforce the view that the economy remains in a very strong state. Salaries and Worker wages grew by 1.25 % quarterly. Gross National Product rose by 3.1 % in the past 12 months, led by growth in government spending and exports. |
In the fourth-quarter real consumer spending was estimated to have increased at a 3.0 % annualized clip, slower consumer spending growth was an important contributor to the deceleration in overall growth in the fourth-quarter, reported by the Commerce Department. With estimated annual rate of $18,902 billions, seasonally adjusted in the third-quarter, consumer spending accounts for 68.37 % of economic activity. Spending on U.S. made Goods increased by 3.3 %, where consumption of Durable Goods grew by 3.2 %, helped by improving consumption of other durable goods. Growth in nondurable goods of 2.8 %, as other nondurable goods grew the most, up 1.57 %. Sevice sector grew more than in previous quarter and faster than gross national product, spending on service increased by 3.2 %, helped by improving consumption in food service industry. Consumer spending for services accounts for 67.56% of total speding and 45.73% of total GDP.
Final sales, which exclude inventory behavior, were down to a 3.5 % gain in the fourth-quarter, following a 3.7 % gain in the third-quarter.
The second estimate of GDP incorporates more data from the private sector and provides a more accurate measure of growth than the initial report. The revision is also the first to include data on business earnings.
For the year 2023 U.S. output have climbed by 2.5 %, faster than 1.9 % in the year 2022.
• More on U.S. Real Gross Domestic Product
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Contributions
to Percent Change in Real GDP |
2.00% |
0.17% |
0.73% |
0.35% |
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Government Consumption |
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Government spending soared by 4.20 %, federal spending rose 2.30 %, including an 0.40 % rise in national defense spending. Government spending on national defense accounts for 3.66 % of total nation's output and 21.00 % of total government spending.
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International Trade |
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Diversified |
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Investments jumped by 0.90 % to $4,955 billions less than a half of the growth in Gross domestic products on the seasonally adjusted basis, reported by the U.S. Commerce Department. Investments in housing grew at a 2.90 %, annual pace and added -0.08 of a percentage point to growth. Purchases of software and equipment rose -1.70 %, broad based growth in investmets signals that businesses and consumers feeling confident about future economic prospects. Businesses, for their part, ratcheted up investment by 2.40 %. Slower inventory buildup acted as a major drag on growth. The reduction in the buildup in inventories subtracted -0.19 percentage points from GDP growth.
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Exports increased 6.40 % in the fourth-quarter, after having risen 6.00 % in the third-quarter. Imports fell 2.70 %, a reversal from the third-quarter's 5.20 % growth. Net exports contributed 0.35 of a percentage points to growth.
• Relation of U.S. GDP, U.S. GNP
• Corporate Profits by Industry
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Quarters seasonally adjusted
(At annual rates Q / Q, in %) |
IV Quarter 2023
rev. |
III Quarter 2023
adv. |
II Quarter 2023
final |
I Quarter 2023
adv. |
IV Quarter 2022
final |
III Quarter 2022
rev. |
Gross domestic product (GDP) |
|
3.2 % |
5.2 % |
2.1 % |
2 % |
2.6 % |
2.6 % |
Personal consumption expenditures |
|
3 % |
3.6 % |
0.8 % |
4.2 % |
1 % |
1.4 % |
Goods |
|
3.3 % |
3.5 % |
0.9 % |
0.5 % |
0.6 % |
-1.4 % |
Durable goods |
|
3.2 % |
6.8 % |
-0.3 % |
16.3 % |
-1.3 % |
-0.8 % |
Nondurable goods |
|
2.8 % |
3 % |
1 % |
3.2 % |
1.6 % |
2.8 % |
Services
|
|
3.2 % |
4.7 % |
0.5 % |
6 % |
-0.1 % |
-1.2 % |
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Gross private domestic investment |
|
0.9 % |
10.5 % |
5.2 % |
-11.9 % |
4.5 % |
-8.5 % |
Fixed investment |
|
2.5 % |
2.4 % |
5.2 % |
-0.4 % |
-3.8 % |
-4.9 % |
Nonresidential |
|
2.4 % |
1.3 % |
7.4 % |
0.6 % |
4 % |
3.7 % |
Structures |
|
7.5 % |
6.9 % |
16.1 % |
15.8 % |
15.8 % |
-15.3 % |
Equipment &
software |
|
-1.7 % |
-3.5 % |
7.7 % |
-8.9 % |
-3.5 % |
10.8 % |
Residential |
|
2.9 % |
6.2 % |
-2.2 % |
-4 % |
-25.1 % |
-26.4 % |
Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
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Net exports of goods and services |
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Exports
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6.4 % |
6 % |
-9.3 % |
7.8 % |
-3.7 % |
14.4 % |
Goods |
|
4.8 % |
7.7 % |
-16 % |
12.3 % |
-7.4 % |
17.2 % |
Services |
|
9.6 % |
2.7 % |
6.2 % |
-1.3 % |
5 % |
8.3 % |
Imports
|
|
2.7 % |
5.2 % |
-7.6 % |
2 % |
-5.5 % |
-6.9 % |
Goods |
|
1.3 % |
6 % |
-6.5 % |
2.3 % |
-5.9 % |
-8.7 % |
Services |
|
9.1 % |
1.9 % |
-12.2 % |
0.4 % |
-3.7 % |
2.3 % |
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Govt. consumption exp.
& gross investment |
|
4.2 % |
5.5 % |
3.3 % |
5 % |
3.8 % |
2.4 % |
Federal |
|
2.3 % |
7 % |
1.1 % |
6 % |
5.8 % |
3.7 % |
National defense |
|
0.4 % |
8.2 % |
2.3 % |
2.5 % |
2.3 % |
4.7 % |
Nondefense |
|
4.7 % |
5.5 % |
-0.4 % |
10.5 % |
10.6 % |
2.3 % |
State & local |
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5.4 % |
4.6 % |
4.7 % |
4.4 % |
2.6 % |
1.7 % |
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Addenda: |
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Final sales of domestic product |
|
3.5 % |
3.7 % |
2.1 % |
4.2 % |
1.1 % |
3.3 % |
Gross domestic purchases |
|
2.8 % |
5.1 % |
2 % |
1.4 % |
2.1 % |
-0.2 % |
Final sales to domestic
purchasers |
|
3.1 % |
3.7 % |
2 % |
3.5 % |
0.7 % |
0.5 % |
Gross national product
(GNP) |
|
- % |
5 % |
2.3 % |
1.6 % |
2.4 % |
- % |
Disposable personal income |
|
2.2 % |
0.1 % |
3.5 % |
8.5 % |
5 % |
1.7 % |
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Current-dollar measures: |
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GDP |
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4.9 % |
8.9 % |
3.8 % |
6.1 % |
6.6 % |
6.7 % |
Final sales of domestic product |
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5.2 % |
7.4 % |
3.9 % |
8.6 % |
5.1 % |
7.5 % |
Gross domestic purchases |
|
5.1 % |
6.8 % |
3.4 % |
7.5 % |
4.4 % |
5.1 % |
Final sales to domestic purchasers |
|
4.8 % |
6 % |
3.7 % |
7.6 % |
3.8 % |
5 % |
GNP |
|
- % |
8.7 % |
4 % |
5.7 % |
6.4 % |
- % |
Disposable personal income |
|
4 % |
2.9 % |
6.1 % |
12.9 % |
8.9 % |
6 % |
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Quarters seasonally adjusted
(Quarterly Y / Y, in %) |
IV Quarter 2023
rev. |
III Quarter 2023
adv. |
II Quarter 2023
final |
I Quarter 2023
adv. |
IV Quarter 2022
final |
III Quarter 2022
rev. |
Gross domestic product (GDP) |
|
3.1 % |
3 % |
2.4 % |
1.8 % |
0.9 % |
1.8 % |
Personal consumption expenditures |
|
2.7 % |
2.3 % |
1.8 % |
2.4 % |
1.7 % |
2 % |
Goods |
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2.1 % |
1.4 % |
0.1 % |
-0.4 % |
-1.6 % |
-1.9 % |
Durable goods |
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5.7 % |
4.7 % |
3.2 % |
2.6 % |
0.6 % |
2.2 % |
Nondurable goods |
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2.3 % |
2.2 % |
2.2 % |
3.3 % |
3 % |
3.2 % |
Services
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3.4 % |
2.5 % |
1.2 % |
0.7 % |
-0.8 % |
-0.4 % |
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Gross private domestic investment |
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1.5 % |
2.3 % |
-2.2 % |
-8.1 % |
-3.8 % |
2.3 % |
Fixed investment |
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3.3 % |
1.2 % |
-0.5 % |
-3.2 % |
-2 % |
-1.2 % |
Nonresidential |
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4.2 % |
4 % |
4.9 % |
2.7 % |
4.5 % |
3.2 % |
Structures |
|
16 % |
14.6 % |
12.3 % |
3 % |
-1.7 % |
-11.4 % |
Equipment &
software |
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-0.8 % |
-1.4 % |
0.9 % |
-1.2 % |
3.9 % |
5.3 % |
Residential |
|
0.4 % |
-7.3 % |
-15.4 % |
-19 % |
-18.8 % |
-12.7 % |
Change in private
inventories |
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- % |
- % |
- % |
- % |
- % |
- % |
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Net exports of goods and services |
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Exports
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2.1 % |
-0.2 % |
2.1 % |
7.9 % |
4.6 % |
11.3 % |
Goods |
|
1.5 % |
-1.3 % |
1.7 % |
9.1 % |
4 % |
11.6 % |
Services |
|
3.2 % |
2.1 % |
2.6 % |
5.2 % |
6 % |
10.6 % |
Imports
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- % |
-1.5 % |
-3.9 % |
-2.3 % |
1.5 % |
7.5 % |
Goods |
|
0.5 % |
-0.9 % |
-4.1 % |
-3.2 % |
0.8 % |
7 % |
Services |
|
-2.1 % |
-4 % |
-2.6 % |
2.8 % |
5 % |
10.4 % |
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Govt. consumption exp.
& gross investment |
|
4.5 % |
4.7 % |
4.1 % |
2.7 % |
0.9 % |
-0.6 % |
Federal |
|
3.9 % |
5.7 % |
4.3 % |
3 % |
0.1 % |
-1.3 % |
National defense |
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3.2 % |
5 % |
2.9 % |
2.7 % |
-0.2 % |
-2 % |
Nondefense |
|
4.7 % |
6.7 % |
6.1 % |
3.2 % |
0.4 % |
-0.3 % |
State & local |
|
4.9 % |
4.2 % |
4 % |
2.5 % |
1.3 % |
-0.2 % |
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Addenda: |
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Final sales of domestic product |
|
3.4 % |
2.8 % |
2.7 % |
2.8 % |
1.3 % |
1.2 % |
Gross domestic purchases |
|
2.8 % |
2.7 % |
1.5 % |
0.5 % |
0.5 % |
1.6 % |
Final sales to domestic
purchasers |
|
3.4 % |
2.8 % |
2.7 % |
2.8 % |
1.3 % |
1.2 % |
Gross national product
(GNP) |
|
- % |
2.9 % |
2.2 % |
1.5 % |
0.7 % |
- % |
Disposable personal income |
|
4.1 % |
4 % |
5 % |
2.9 % |
-1.4 % |
-3.9 % |
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|
|
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Current-dollar measures: |
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|
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GDP |
|
- % |
- % |
- % |
- % |
- % |
- % |
Final sales of domestic product |
|
- % |
- % |
- % |
- % |
- % |
- % |
Gross domestic purchases |
|
- % |
- % |
- % |
- % |
- % |
- % |
Final sales to domestic purchasers |
|
- % |
- % |
- % |
- % |
- % |
- % |
GNP |
|
- % |
- % |
- % |
- % |
- % |
- % |
Disposable personal income |
|
- % |
- % |
- % |
- % |
- % |
- % |
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U.S. Real Gross Domestic Product and Related Measures
GDP, U.S. Economy in Billions of U.S. dollars
Quarters seasonally adjusted
(At annual rates, in Billions of Dollars) |
IV Q. 2023
rev. |
III Q. 2023
adv. |
II Q. 2023
rev. |
I Q. 2023
adv. |
IV Q. 2022
final |
III Q. 2022
rev. |
Gross domestic product
(GDP) |
|
27,944.6 |
27,644.5 |
27,063.0 |
26,529.8 |
26,138.0 |
25,723.9 |
Personal consumption expenditures |
|
18,901.5 |
18,711.6 |
18,419.0 |
18,113.1 |
17,749.9 |
17,542.7 |
Goods |
|
6,259.5 |
6,228.8 |
6,144.7 |
6,079.0 |
5,980.0 |
5,988.6 |
Durable
goods |
|
2,202.0 |
2,205.1 |
2,193.6 |
2,258.9 |
2,180.4 |
2,195.8 |
Motor vehicles & parts |
|
757.5 |
765.2 |
772.7 |
776.4 |
717.8 |
713.1 |
Furniture & household equipment |
|
476.6 |
479.0 |
475.4 |
533.2 |
528.0 |
532.8 |
Other |
|
274.7 |
271.5 |
269.1 |
297.0 |
289.7 |
294.5 |
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Nondurable goods |
|
4,057.5 |
4,023.6 |
3,951.1 |
3,820.1 |
3,799.6 |
3,792.7 |
Food off-premises consumption |
|
1,459.2 |
1,448.1 |
1,434.1 |
1,318.2 |
1,311.5 |
1,289.9 |
Clothing
& shoes |
|
520.8 |
521.4 |
511.4 |
501.2 |
497.8 |
498.9 |
Gasoline,
fuel, oil & other energy goods |
|
478.1 |
479.4 |
456.7 |
443.1 |
463.6 |
492.3 |
Other |
|
1,599.5 |
1,574.8 |
1,549.0 |
1,557.6 |
1,526.8 |
1,511.7 |
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Services |
|
12,642.0 |
12,482.8 |
12,274.4 |
12,034.1 |
11,769.9 |
11,554.1 |
Housing |
|
12,087.3 |
11,933.2 |
11,730.1 |
11,498.0 |
11,234.5 |
11,015.6 |
Food services |
|
1,415.9 |
1,377.5 |
1,347.1 |
1,352.3 |
1,312.1 |
1,277.4 |
Electricity & gas |
|
3,358.6 |
3,310.2 |
3,243.8 |
3,160.1 |
3,104.5 |
3,027.3 |
Financial services |
|
1,332.9 |
1,353.7 |
1,316.7 |
1,352.6 |
1,327.7 |
1,320.9 |
Transportation |
|
617.0 |
607.4 |
597.8 |
583.2 |
570.5 |
560.6 |
Medical
care |
|
3,074.3 |
3,012.8 |
2,972.9 |
2,879.6 |
2,802.6 |
2,742.8 |
Recreation |
|
737.4 |
721.0 |
709.3 |
661.1 |
638.3 |
622.0 |
Other |
|
1,551.3 |
1,550.7 |
1,542.5 |
1,509.0 |
1,478.7 |
1,464.5 |
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Gross private domestic investment |
|
4,955.3 |
4,922.1 |
4,780.3 |
4,569.2 |
4,669.8 |
4,579.1 |
Fixed investment |
|
4,870.5 |
4,811.4 |
4,761.7 |
4,557.2 |
4,508.0 |
4,508.2 |
Nonresidential |
|
3,769.5 |
3,729.3 |
3,709.1 |
3,533.6 |
3,467.5 |
3,403.4 |
Structures |
|
869.2 |
841.9 |
832.5 |
732.7 |
691.9 |
654.8 |
Equipment & software |
|
1,381.7 |
1,385.7 |
1,390.4 |
1,353.4 |
1,360.1 |
1,352.0 |
Information processing equipment & software |
|
460.9 |
452.3 |
457.8 |
434.8 |
439.1 |
469.1 |
Computers & peripheral equipment |
|
113.2 |
112.6 |
112.4 |
120.0 |
116.4 |
114.6 |
Software |
|
656.3 |
641.6 |
633.6 |
601.6 |
585.6 |
579.3 |
Other |
|
749.1 |
747.6 |
740.2 |
725.9 |
713.4 |
702.7 |
Industrial equipment |
|
306.1 |
305.6 |
308.6 |
327.5 |
319.5 |
313.3 |
Transportation equipment |
|
291.1 |
306.7 |
302.7 |
294.9 |
301.1 |
269.4 |
Other equipment |
|
323.5 |
321.1 |
321.2 |
296.2 |
300.5 |
300.2 |
Residential |
|
1,101.0 |
1,082.1 |
1,052.6 |
1,023.6 |
1,040.5 |
1,104.8 |
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|
|
|
|
|
|
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Change
in private inventories |
|
84.8 |
110.7 |
18.6 |
12.0 |
161.8 |
70.9 |
Farm |
|
-1.6 |
5.0 |
2.0 |
-0.5 |
-7.4 |
-12.1 |
Nonfarm |
|
86.4 |
105.6 |
16.6 |
12.5 |
169.2 |
83.0 |
|
|
|
|
|
|
|
|
Net
exports of goods & services |
|
-778.7 |
-781.6 |
-806.1 |
-802.3 |
-857.1 |
-890.8 |
Exports |
|
3,061.1 |
3,037.7 |
2,961.8 |
3,046.2 |
2,988.3 |
3,065.0 |
Goods |
|
2,032.2 |
2,026.1 |
1,968.6 |
2,083.8 |
2,040.0 |
2,141.2 |
Services |
|
1,028.9 |
1,011.6 |
993.2 |
962.5 |
948.3 |
923.8 |
|
|
|
|
|
|
|
|
Imports |
|
3,839.8 |
3,819.3 |
3,767.9 |
3,848.5 |
3,845.4 |
3,955.8 |
Goods |
|
3,123.2 |
3,108.2 |
3,058.0 |
3,150.3 |
3,155.0 |
3,269.7 |
Services |
|
716.7 |
711.0 |
709.8 |
698.3 |
690.4 |
686.1 |
|
|
|
|
|
|
|
|
Govt. consumption exp. & investment |
|
4,866.5 |
4,792.5 |
4,669.8 |
4,649.8 |
4,575.4 |
4,493.0 |
Federal |
|
1,820.1 |
1,791.6 |
1,744.3 |
1,732.1 |
1,693.8 |
1,657.1 |
National defense |
|
1,022.1 |
1,008.8 |
978.9 |
959.2 |
947.4 |
935.3 |
Consumption expenditures |
|
794.5 |
788.8 |
764.9 |
765.8 |
751.4 |
743.1 |
Gross investment |
|
227.6 |
220.0 |
214.0 |
193.4 |
196.0 |
192.2 |
Nondefense |
|
798.0 |
782.1 |
776.5 |
772.9 |
746.4 |
721.8 |
Consumption expenditures |
|
565.4 |
557.3 |
542.3 |
574.8 |
554.5 |
535.1 |
Gross investment |
|
232.6 |
225.5 |
223.2 |
198.1 |
191.9 |
186.7 |
State and local |
|
3,046.4 |
3,000.9 |
2,925.5 |
501.2 |
2,881.6 |
2,836.0 |
Consumption
expenditures |
|
2,461.1 |
2,444.4 |
2,388.3 |
2,396.6 |
2,378.2 |
2,346.0 |
Gross
investment |
|
585.3 |
556.5 |
537.2 |
521.1 |
503.4 |
490.0 |
|
|
|
|
|
|
|
|
Addenda: |
|
|
|
|
|
|
|
Final sales of domestic product |
|
27,859.8 |
27,533.8 |
27,044.5 |
26,517.7 |
25,976.2 |
25,653.0 |
Gross domestic purchases |
|
28,723.3 |
28,426.1 |
27,869.1 |
27,332.1 |
26,995.1 |
26,614.8 |
Final sales to domestic purchasers |
|
28,638.5 |
28,315.4 |
27,850.5 |
27,320.1 |
26,833.3 |
26,543.9 |
Gross national product |
|
- |
27,812.4 |
27,236.1 |
26,654.0 |
26,289.5 |
25,885.4 |
Net domestic product |
|
23,279.0 |
23,032.1 |
22,506.0 |
22,023.4 |
21,712.9 |
21,365.8 |
Annual U.S. Real Gross Domestic Product and Related Measures
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Quarters seasonally adjusted
(At annual rates Q / Q, in %) |
2023
rev. |
2022
|
2021
|
2020
|
2019
|
2018
|
Gross domestic product (GDP) |
|
2.5 % |
1.9 % |
5.9 % |
-3.4 % |
2.2 % |
2.9 % |
Personal consumption expenditures |
|
2.2 % |
2.5 % |
8.3 % |
-3.8 % |
2.4 % |
2.6 % |
Goods |
|
0.9 % |
0.6 % |
8.8 % |
3.1 % |
3.1 % |
2.8 % |
Durable goods |
|
2.1 % |
0.3 % |
12.2 % |
4.6 % |
3.7 % |
3.7 % |
Nondurable goods |
|
2.3 % |
3.7 % |
6.3 % |
-7.5 % |
1.8 % |
2.1 % |
Services
|
|
-1.2 % |
4.8 % |
9 % |
-5.5 % |
1.7 % |
5.9 % |
|
|
|
|
|
|
|
Gross private domestic investment |
|
4.3 % |
-0.3 % |
18.5 % |
7.7 % |
4.8 % |
5.5 % |
Fixed investment |
|
4.4 % |
5.2 % |
6.4 % |
-5.3 % |
2.9 % |
6.9 % |
Nonresidential |
|
12.7 % |
-2.1 % |
-6.4 % |
-12.5 % |
-0.6 % |
5 % |
Structures |
|
-0.1 % |
5.2 % |
10.3 % |
-8.3 % |
2.1 % |
7.4 % |
Equipment &
software |
|
4.3 % |
9.1 % |
9.7 % |
2.8 % |
6.4 % |
7.5 % |
Residential |
|
-10.7 % |
-9 % |
10.7 % |
6.8 % |
-1.7 % |
-0.3 % |
Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
|
|
|
|
|
|
|
Net exports of goods and services |
|
|
|
|
|
|
Exports
|
|
2.7 % |
7 % |
6.1 % |
-13.6 % |
-0.1 % |
4 % |
Goods |
|
2.6 % |
5.8 % |
7.4 % |
-10.2 % |
-0.1 % |
4.7 % |
Services |
|
3 % |
9.6 % |
3.3 % |
-19.8 % |
-0.1 % |
2.6 % |
Imports
|
|
-1.7 % |
8.6 % |
14.1 % |
-8.9 % |
1.1 % |
4.5 % |
Goods |
|
-1.7 % |
6.8 % |
14.5 % |
-5.6 % |
0.5 % |
4.8 % |
Services |
|
-1.6 % |
17.5 % |
12.3 % |
-22.6 % |
3.7 % |
3.3 % |
|
|
|
|
|
|
|
Govt. consumption exp.
& gross investment |
|
4 % |
-0.9 % |
0.6 % |
2.5 % |
2.3 % |
1.5 % |
Federal |
|
4.2 % |
-2.8 % |
2.3 % |
5 % |
4 % |
2.6 % |
National defense |
|
3.5 % |
-2.8 % |
-1.2 % |
2.9 % |
5.6 % |
3.4 % |
Nondefense |
|
5.2 % |
-2.9 % |
7.3 % |
8.1 % |
1.8 % |
1.5 % |
State & local |
|
3.8 % |
0.2 % |
-0.5 % |
0.9 % |
1.3 % |
0.8 % |
|
|
|
|
|
|
|
Addenda: |
|
|
|
|
|
|
Final sales of domestic product |
|
2.9 % |
1.3 % |
5.7 % |
-2.9 % |
2.2 % |
2.7 % |
Gross domestic purchases |
|
1.9 % |
2.3 % |
7 % |
-3 % |
2.3 % |
3 % |
Final sales to domestic
purchasers |
|
2.2 % |
1.7 % |
6.7 % |
-2.5 % |
2.3 % |
2.9 % |
Gross national product
(GNP) |
|
- % |
1.9 % |
5.7 % |
-3.6 % |
2 % |
2.9 % |
Disposable personal income |
|
4.2 % |
-5.9 % |
1.8 % |
6.2 % |
2.2 % |
2.9 % |
|
|
|
|
|
|
|
Current-dollar measures: |
|
|
|
|
|
|
GDP |
|
6.3 % |
9.1 % |
10.7 % |
-2.2 % |
4 % |
5.2 % |
Final sales of domestic product |
|
6.7 % |
8.5 % |
10.5 % |
-1.6 % |
4 % |
5 % |
Gross domestic purchases |
|
5.4 % |
9.3 % |
11.5 % |
-1.9 % |
3.9 % |
5.3 % |
Final sales to domestic purchasers |
|
5.8 % |
8.7 % |
11.3 % |
-1.3 % |
3.9 % |
5.1 % |
GNP |
|
- % |
9 % |
10.5 % |
-2.4 % |
3.9 % |
5.2 % |
Disposable personal income |
|
8.1 % |
0.2 % |
5.9 % |
7.5 % |
3.7 % |
5 % |
|
|
|
|
|
|
|
Annual U.S. GDP
(In Billions of Dollars) |
2023
|
2022
|
2021
|
2020
|
2019
|
2018
|
Gross domestic product
(GDP) |
|
27,357.8 |
25,744.1 |
23,315.1 |
20,893.7 |
21,433.2 |
21,427.1 |
Personal consumption expenditures |
|
18,567.4 |
17,511.7 |
15,902.6 |
14,047.6 |
14,544.6 |
14,561.2 |
Goods |
|
6,192.4 |
5,997.0 |
5,496.5 |
4,653.8 |
4,512.2 |
4,505.3 |
Durable
goods |
|
2,198.7 |
2,128.9 |
2,060.2 |
1,616.4 |
1,534.4 |
1,526.6 |
Motor vehicles & parts |
|
767.8 |
730.8 |
688.7 |
541.3 |
521.8 |
531.2 |
Furniture & household equipment |
|
478.5 |
477.4 |
495.0 |
390.4 |
357.4 |
353.7 |
Other |
|
271.0 |
265.2 |
272.6 |
208.5 |
221.7 |
224.1 |
|
|
|
|
|
|
|
|
Nondurable goods |
|
3,993.7 |
3,868.1 |
3,436.3 |
3,037.4 |
2,977.9 |
2,978.6 |
Food off-premises consumption |
|
1,442.9 |
1,393.5 |
1,205.0 |
1,146.7 |
1,025.7 |
1,032.4 |
Clothing
& shoes |
|
516.9 |
500.7 |
461.3 |
362.4 |
403.5 |
398.9 |
Gasoline,
fuel, oil & other energy goods |
|
471.1 |
510.1 |
369.4 |
246.8 |
335.4 |
338.0 |
Other |
|
1,562.7 |
1,463.8 |
1,400.5 |
1,281.5 |
1,213.3 |
1,209.3 |
|
|
|
|
|
|
|
|
Services |
|
12,374.9 |
11,514.7 |
10,406.1 |
9,393.7 |
10,032.4 |
10,055.9 |
Housing |
|
11,825.8 |
10,982.6 |
9,940.5 |
8,872.9 |
9,593.2 |
9,606.6 |
Food services |
|
1,368.6 |
1,237.2 |
1,060.9 |
801.5 |
999.5 |
1,019.2 |
Electricity & gas |
|
3,279.4 |
3,053.3 |
2,775.4 |
2,668.1 |
2,681.2 |
2,670.2 |
Financial services |
|
1,320.9 |
1,252.5 |
1,275.0 |
1,196.3 |
1,176.1 |
1,156.1 |
Transportation |
|
603.6 |
562.2 |
444.1 |
363.4 |
483.4 |
478.1 |
Medical
care |
|
2,996.4 |
2,776.7 |
2,583.5 |
2,308.4 |
2,450.8 |
2,467.9 |
Recreation |
|
717.9 |
654.9 |
528.5 |
416.5 |
580.4 |
586.9 |
Other |
|
1,539.0 |
1,445.8 |
1,273.2 |
1,118.5 |
1,221.8 |
1,228.4 |
|
|
|
|
|
|
|
|
Gross private domestic investment |
|
4,844.1 |
4,756.6 |
4,113.5 |
3,637.8 |
3,751.2 |
3,744.2 |
Fixed investment |
|
4,786.8 |
4,599.3 |
4,132.6 |
3,697.4 |
3,702.1 |
3,675.9 |
Nonresidential |
|
3,712.6 |
3,433.0 |
3,025.0 |
2,799.6 |
2,895.0 |
2,878.4 |
Structures |
|
837.9 |
700.5 |
598.2 |
597.2 |
650.2 |
626.6 |
Equipment & software |
|
1,380.8 |
1,327.2 |
1,194.0 |
1,123.9 |
1,241.0 |
1,240.9 |
Information processing equipment & software |
|
458.5 |
479.3 |
426.7 |
413.9 |
397.2 |
412.7 |
Computers & peripheral equipment |
|
111.8 |
104.1 |
90.5 |
87.4 |
90.7 |
93.0 |
Software |
|
640.8 |
598.1 |
512.4 |
453.4 |
411.2 |
414.5 |
Other |
|
741.3 |
703.1 |
629.8 |
537.7 |
501.9 |
503.4 |
Industrial equipment |
|
307.8 |
300.0 |
277.3 |
241.7 |
260.9 |
252.5 |
Transportation equipment |
|
293.4 |
232.0 |
224.5 |
206.0 |
310.3 |
301.6 |
Other equipment |
|
321.2 |
315.9 |
265.5 |
262.3 |
272.5 |
274.1 |
Residential |
|
1,074.2 |
1,166.4 |
1,107.6 |
897.8 |
807.1 |
797.5 |
|
|
|
|
|
|
|
|
Change
in private inventories |
|
57.3 |
157.3 |
-19.1 |
-59.6 |
49.1 |
68.3 |
Farm |
|
-0.9 |
-19.5 |
-3.0 |
-6.0 |
-14.5 |
-7.6 |
Nonfarm |
|
58.2 |
176.8 |
-16.1 |
-53.6 |
63.6 |
75.8 |
|
|
|
|
|
|
|
|
Net
exports of goods & services |
|
-797.4 |
-971.1 |
-861.7 |
-651.2 |
-610.5 |
-631.7 |
Exports |
|
3,029.6 |
2,995.0 |
2,539.6 |
2,123.4 |
2,514.8 |
2,504.2 |
Goods |
|
2,029.5 |
2,063.2 |
1,741.5 |
1,416.6 |
1,636.7 |
1,643.8 |
Services |
|
1,000.1 |
931.8 |
798.2 |
706.8 |
878.0 |
860.4 |
|
|
|
|
|
|
|
|
Imports |
|
3,827.0 |
3,966.2 |
3,401.4 |
2,774.6 |
3,125.2 |
3,136.0 |
Goods |
|
3,111.8 |
3,262.4 |
2,844.7 |
2,309.2 |
2,525.6 |
2,530.1 |
Services |
|
715.2 |
703.8 |
556.7 |
465.4 |
599.6 |
605.9 |
|
|
|
|
|
|
|
|
Govt. consumption exp. & investment |
|
4,743.8 |
4,446.8 |
4,160.7 |
3,859.5 |
3,747.9 |
3,753.5 |
Federal |
|
1,771.8 |
1,635.5 |
1,609.2 |
1,501.8 |
1,419.2 |
1,423.5 |
National defense |
|
994.7 |
928.4 |
904.0 |
881.3 |
852.4 |
846.7 |
Consumption expenditures |
|
777.1 |
726.0 |
713.0 |
700.5 |
676.5 |
677.9 |
Gross investment |
|
217.6 |
202.4 |
191.0 |
180.9 |
175.9 |
168.8 |
Nondefense |
|
777.0 |
721.7 |
659.7 |
598.8 |
576.8 |
540.9 |
Consumption expenditures |
|
552.0 |
503.0 |
533.8 |
461.0 |
420.8 |
436.1 |
Gross investment |
|
225.1 |
204.1 |
171.4 |
159.5 |
146.0 |
140.6 |
State and local |
|
2,972.0 |
2,811.3 |
2,551.6 |
2,357.8 |
2,328.7 |
2,330.0 |
Consumption
expenditures |
|
2,423.1 |
2,341.1 |
2,106.9 |
1,916.5 |
1,897.8 |
1,904.5 |
Gross
investment |
|
548.9 |
470.2 |
444.6 |
441.2 |
431.0 |
425.4 |
|
|
|
|
|
|
|
|
Addenda: |
|
|
|
|
|
|
|
Final sales of domestic product |
|
27,300.6 |
25,586.8 |
23,334.2 |
20,953.3 |
21,384.1 |
21,358.8 |
Gross domestic purchases |
|
28,155.3 |
26,715.2 |
24,176.8 |
21,544.9 |
22,043.7 |
22,058.8 |
Final sales to domestic purchasers |
|
28,098.0 |
26,557.9 |
24,195.9 |
21,604.5 |
21,994.6 |
21,990.6 |
Gross national product |
|
- |
25,926.0 |
23,488.2 |
21,116.1 |
21,702.9 |
21,723.2 |
Net domestic product |
|
22,772.5 |
21,444.2 |
19,483.5 |
17,317.8 |
18,012.3 |
17,964.1 |
|